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Scrimiger Paints wants to upgrade its machinery and on September $20$ takes out a loan from the bank in the amount of $$500,000.$ The terms of the loan are $2\mathrm{.}9\%$ annual interest rate and payable in $8$ months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October $20,$ and the entry for payment of the short$-$term note and final interest payment on May $20.$ Round to the nearest cent if required.